Indonesian rupiah

The rupiah (symbol: Rp; currency code: IDR) is the official currency and sole legal tender in Indonesia. It is issued and managed by Bank Indonesia, while its banknotes and coins are produced by the state-owned Perum Peruri. The name derives from the Sanskrit rupya, meaning "wrought silver". One rupiah is legally divided into 100 sen, although regular currency is issued only in whole-rupiah denominations. The republican government introduced Oeang Republik Indonesia (ORI) in October 1946 during the Indonesian National Revolution, when Japanese and Dutch-issued currencies were still circulating. Regional rupiahs were later used in the Riau Islands and West Irian, before being replaced by the national currency in 1964 and 1971, resepctively. The government redenominated the rupiah in 1965 at a rate of 1,000 old rupiah to one new rupiah, and Bank Indonesia became the sole issuer of banknotes and coins in 1968. Indonesia used multiple exchange rates, fixed rates and managed depreciation before allowing the rupiah to float during the 1997 Asian financial crisis. The rupiah fell to about Rp16,800 per US dollar in June 1998 and later recovered. Since then, it has depreciated sharply several times under the floating system. Proposals to remove three zeroes from the currency have not been implemented. Bank Indonesia is also developing a digital rupiah through Project Garuda.